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Retirement Financial Planning


In this modern day and age, the earlier you start implementing financial planning for your retirement, the better.

These days, most people can expect to live to a ripe old age- all the way up to 80 or 90 years of age. Therefore you want to make sure the income you earn in your working years is invested properly. If you retire at 60-65 years of age, you will need 20-30 years of funding available at your fingertips to see you through. Some tips:

  • As early as possibly, take absolute control of your finances.
  • Formulate a long-term financial plan, again, as early as possible
  • Spend time learning how to grow your retirement income

Retirement Financial Planning

Taking control of your retirement financial life - what does that mean?

It's simple really. It means sorting out your finances. It means knowing how much you have now and exactly where it's coming from. And exactly where it's going. Earning capacity diminishes as we age. That is why it makes sense to take charge of you money early.

The key to preparing for retirement is saving and investing.

Start with:

  • Your assets. What assets (such as house, savings, investments) do you have- find out how much it is worth.
  • Know exactly how much superannuation you have and how and when you can access it.
  • How much super you have and when you can access it.
  • Whether your country offers an age pension and whether you are likely to be eligible to claim it.

Here are some great resources for financial planning for your retirement:

USA: Social Security Retirement info

Useful government provided information for US citizens put together by the US government http://www.ssa.gov/estimator/ http://www.ssa.gov/pubs/10147.html

Australia- Money Smart

This is a great resource put together by Australian Government through ASIC. It is comprehensive and has excellent calculation tools. https://www.moneysmart.gov.au/superannuation-and-retirement

UK - UK Pensions and Retirement Planning

This information site is fantastic, put together by the UK government. It covers both workplace and government pensions. http://www.direct.gov.uk/en/Pensionsandretirementplanning/index.htm

Making money after you retire?

It is possible. If you have retired on a healthy retirement fund, you might like to consider making investing in start-ups or even investing in a small, easy to manage home-based business of your own.

Acting as an investor in a start-up situation or building your own home based business can make retirement a satisfying time and can help you grow money that can be further invested and also create profits that can contribute to your quality of life.

Creating your own home business is also a fantastic experience during the retirement years as you have a lot of time to put into it and can pursue dreams that you never had the time for before. You can also get family on board and feel as though you are developing something that will benefit your children and grandchildren.

After retirement you might then like to take the time to develop skills in internet technology and working with computers more closely. The possibilities are endless when you have time to spare and a healthy imagination.

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